Robotics

Ken Meyer, who will speak at American Banker's Digital Banking AI & Automation conference next week, says banks should be able to quickly catch up with big technology companies and financial services upstarts in the adoption of artificial intelligence without alienating customers or running afoul of regulators.

Robotic process automation is normally the province of large banks, but Extraco Banks in Texas and Carter Bank in Virginia are training bots to perform repetitive, mind-numbing tasks.

Employees at first feared the process might eventually lead to the elimination of their jobs. Ultimately, however, the bots let employees focus on more important tasks, the bank says.

Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo said in a report.

Some banks are setting up their own parallel digital banks, while others form innovation labs. Roman Regelman says BNY Mellon is transforming the entire institution.

Jeremy Balkin, head of innovation at HSBC Bank USA, shares how the bank is investing in retail innovation, including a $350 million core system.

Banks and credit unions “push back” against an FCC proposal to limit calls; Miami gets the next assistant the bank says is not intended to replace humans.

JPMorgan Chase said it wants to improve training for technology-related jobs and help community college programs. The five-year initiative is one of several the company has announced in recent years in the name of community development.

The bank would add to monitoring of employees outside the U.S. in response to the 1MDB scandal; financial firms seek help to automate more systems.

The credit union service organization has added 20 new owners this year and has reached its maximum number of shareholders.

At 4 feet tall and with a child's voice, Pepper won't replace tellers, but it can help bank customers interested in applying for a credit card or having issues with an ATM.

Some banks are experimenting with virtual assistants that, going beyond the routine tasks they perform today, could offer investment advice or make mortgage loans 24/7. But will they ever be able to talk a nervous client through a market crash?

The image of traditional custody banks is as stodgy as it gets, but some are using machine learning to help their clients and their own research teams glean insights from massive amounts of data.

While bankers are becoming accustomed to the idea that artificial intelligence and software "bots" will affect their business, a "Jetsons"-style robot is a novel feature at a branch.

The megabank is looking to robotics and machine learning to save time and money.

Texas Trust CU's latest financial education effort has a simple goal: If you can manage an unmanned aerial drone, you should be able to manage your finances.

The use of artificial intelligence in capital markets is predicted to displace people all over the Street. At the same time, a few new jobs will be created.

While much of artificial intelligence technology is about automating tasks, it also holds the possibility of enhancing bankers' ability to serve customers.